Stocks ease from 3-month highs, dollar firms up on strong U.S. data



By Anshuman Daga

SINGAPORE, Dec 6 (Reuters) - Asian stocks retreated from three-month highs and the dollar held on to gains following strong U.S. data that again suggested the Federal Reserve might stick longer with aggressive interest rate increases.

While investors remained hopeful of China's economy improving with the easing of the country's zero-COVID policy, analysts said markets had already priced in a lot of the upbeat news.

MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS shed 0.4%, after climbing to a three-month high in the previous session. The benchmark has gained 21% from October lows on persistent chatter about China easing pandemic measures.

Stocks in Korea .KS11 and Taiwan .TWII traded lower, while China's broader index .CSI300 rose 0.6% and Japan .N225 and Hong Kong .HSI stocks were steady.

Tuesday's muted performance in Asian equities came after global stocks and Treasury prices fell on Monday as new evidence of a strong U.S. economy raised expectations that interest rates would stay higher for longer.

"The black swan in the room is the risk of the Fed being too late again, but this time in cutting rates," said Havard Chi, head of research at hedge fund Quarz Capital Asia.

"Monetary policy works with a lag and key spot indicators such as falling housing prices, rental rates, commodities, and freight pricing as well as rising layoffs and inventories are already signalling a weakening U.S. economy," said Chi.

U.S. services industry activity unexpectedly picked up in November and employment rebounded. It was the latest data showing economic momentum that could push the Federal Reserve to tighten policy further, and it followed a robust U.S. payrolls report for November.

Futures show the market expects U.S. short-term interest rates to peak at 5.001% in May. The expectation is about 9 basis points higher than it was last week. By December 2023, the rates will have declined to 4.574%, according to futures markets.

On Monday, the Dow Jones Industrial Average .DJI fell 1.4%, the S&P 500 .SPX lost 1.79% and the Nasdaq Composite .IXIC dropped 1.93%.

Data in Europe was still downbeat. Euro zone business activity declined for a fifth month in November, final PMI data showed, suggesting the economy was sliding into a mild recession.

Oil prices edged up, after a G7 price cap on Russian seaborne oil came into force on Monday on top of a European Union embargo on imports of Russian crude by sea.

Brent crude futures LCOc1 ticked up 0.9% to $83.4 a barrel. Futures fell more than 3% in the previous session after the U.S. economic data.

The dollar stayed firm versus major peers, following its biggest rally in two weeks on Monday, which was helped by the strong U.S. services data.

The Australian dollar AUD=D3 was stuck near a one-week low ahead of a central bank rate decision, with market participants watching for signs of a pause in tightening after inflation unexpectedly cooled last month.

Treasury yields rose on expectations the Fed would continue to raise rates well into next year, though at a slower pace.



World FX rates YTD Link
Global asset performance Link
Asian stock markets Link



Reporting by Anshuman Daga; Editing by Bradley Perrett


Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.

Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.

Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.

Utilizamos cookies para ofrecerle una mejor experiencia en nuestra web. Conozca más o cambie sus ajustes de cookies.

Advertencia de riesgo: Los CFD son un producto difícil de comprender y la CNMV cree que no es adecuado para inversores minoristas dada su complejidad y riesgo. Por favor, lea y asegúrese de que comprende completamente nuestra Declaración de riesgos.